The master developer of Canyons Village has applied for a public infrastructure district, or PID — a financial tool growing in popularity among Utah developers.
If Summit County gives the go-ahead, Talisker Corporation subsidiary TCFC would be allowed to raise money on the bond market like governments do. Cash from selling bonds would finance development within PID boundaries and would be paid back by taxes within those boundaries.
The Summit County Council is scheduled to vote on whether to allow the PID Dec. 17.
According to the meeting notice, the PID would include land in both the upper High Mountain Road and West Willow Draw areas, as well as the Canyons’ uppermost public parking lots.
Canyons stands to almost double its size since it had only built half the square footage it is entitled to as of a couple years ago.
Snyderville Basin Planning Commission staff reports explain more about what’s next for High Mountain Road and West Willow Draw.
High Mountain Road currently ends at the Apex Condominiums between the Red Pine and Sunrise gondolas. But true to its name, High Mountain will be extended up the hill along with more multifamily residential homes.
The area known as West Willow Draw, currently home to a snow cat warehouse and some golf course holes, visible to riders of the Orange Bubble Express.
A mix of detached and multifamily homes are allowed parcels on the north side of Willow Draw Road, according to a county staff report.
And on the south side, just before the warehouse, TCFC is allowed to develop another hotel and conference center.
Finally, the gravel parking lots, located near the Pendry and Westgate hotels, have long been slated for hotel development in the resort’s master plan. That's only after TCFC finishes the parking garage on the Cabriolet lot, as soon as next year.
Two TCFC attorneys, David Smith and Laurel Simpson, would be on the public infrastructure district’s five-member governing board. They didn’t respond to an email from KPCW last week asking how much money the PID would raise, and for what.
